Tips For Starting A Company Or Moving A Business To The Middle East
The Middle East can be a controversial place to start a business at, but it is also a highly lucrative region. Countries like the United Arab Emirates (UAE), Saudi Arabia, Israel and Doha Qatar have high-demand consumer markets and very business-friendly governments. Moving a company to the Middle East from a Western country can also save up on costs. Your business, for example an oil company, might attract more clients if it’s strategically placed in a Middle Eastern country.
So, if you are interested, here are several tips for moving your business to or starting a brand new company in the Middle East:
Read About the Country in Advance
First of all, you need to know about the country you intend to relocate to. Learn about the political situation there without bias. The Middle East has always been a region in turmoil. However, turmoil in one country doesn’t always necessarily mean trouble in another. Therefore, learn the history and the politics of the country from reputable, unbiased sources. You should also know about the local consumer base. Collect demographic data and consumption patterns before you make your final decision.
Take Advantage of Local Laws
Some countries, like the UAE, have special laws to attract foreign businesses. For example, UAE has a freezone business setup program for foreign companies. Businesses can move to the freezone to enjoy perks like tax breaks. Learn about such pro-business laws and know how your future company can benefit as well.
Hire the Right Legal Professionals
Don’t forget that almost all Middle Eastern countries do not practise common law. In countries like the UAE and Saudi Arabia, Sharia law prevails, which has its own unique set of rules for conducting business. Therefore, you need Sharia law experts on your legal team to advise you on how local laws might affect your business.
Assess Costs Soberly
Do not get over excited and make wild estimates for your company. You need to assess potential costs in a sober manner. Do not overestimate profits and underestimate operational costs. Hire proper statisticians and financial professionals to give you a rundown on costs.
Get Expert Help
Moving to a new country anywhere is not easy. There’s only so much you can learn online. You need solid, on the ground expertise before you make the big decision. Therefore, do not hesitate to hire company formation consultants that specialises in the Middle Eastern region. These people will be able to offer you invaluable information regarding doing business in the Middle East.
Follow the above tips before you make the final decision to move your company to the Middle East.